Money as debt

simplistic

http://www.youtube.com/watch?v=_doYllBk5No

Can anyone with a financial or economic background verify what this video says ?

Because if its right Im never paying back any of my loans.

AARRRGH

Very interesting, thanks.

PeteHeat

Hi,

Must be viewed from 1 > 8 to get the full picture, may be of help in understanding our current recession / depression and the cause / effect of NAMA.

A must see for all present and future Ministers of Finance.

ei.sdraob

simplistic wrote: »

Because if its right Im never paying back any of my loans.

Liam Carrol is that you?!


the video is partially correct and is well worth watching

but the solutions they propose near the end are not so great and would cause more issues than solve

there was a very good (and very long!) thread on CE about a possible solution to address the root issues of the current system

http://cynicuseconomicus.blogspot.com/2009/07/reforming-money-fixed-fiat-currency.html

simplistic

ei.sdraob wrote: »

Liam Carrol is that you?!


the video is partially correct and is well worth watching

but the solutions they propose near the end are not so great and would cause more issues than solve

there was a very good (and very long!) thread on CE about a possible solution to address the root issues of the current system

http://cynicuseconomicus.blogspot.com/2009/07/reforming-money-fixed-fiat-currency.html

When you say partially correct, what parts are incorrect?

Specifically are the latter parts about the bankers having the backing from the courts to commit fraud true?

andrew

ei.sdraob wrote: »

Liam Carrol is that you?!


the video is partially correct and is well worth watching

but the solutions they propose near the end are not so great and would cause more issues than solve

there was a very good (and very long!) thread on CE about a possible solution to address the root issues of the current system

http://cynicuseconomicus.blogspot.com/2009/07/reforming-money-fixed-fiat-currency.html

I stopped reading that link when I read

"A commodity such as gold only has value once labour has dug it from the ground, and labour has moved it to the surface."

Erm...no. That's untrue. A lump of gold someone were to find on a riverbank is just as valuable as a lump of gold mined from 1000m down. Gold is valuable because people value gold.

Anyways, OP, you'll be a long time waiting for inflation to wipe out your loans (assuming that's what you're talking about). Anyways, as long as purchasing power remains about constant what does it even matter if inflation occurs?

Captain Furball

I seen that video when it first came out and it opened my eyes to the parasitic financial system we live under.If you read up a little on history you will know Hitler wanted to break free from that banking system.But war was declared on him by the bankers.
Again I highly recommend that video.

dresden8

Captain Furball wrote: »

.If you read up a little on history you will know Hitler wanted to break free from that banking system.But war was declared on him by the bankers.

I think you'll find that he invaded Poland.

After taking Austria and Czechoslovakia of course.

Captain Furball

dresden8 wrote: »

I think you'll find that he invaded Poland.

After taking Austria and Czechoslovakia of course.

I think you'll find a 5 year old knows that.What's your point?I'm talking about finance.What are you talking about?

dresden8

Captain Furball wrote: »

I think you'll find a 5 year old knows that.What's your point?I'm talking about finance.What are you talking about?

What are you talking about?

Captain Furball

I guess talking to you is going to be a waste of time.

dresden8

Captain Furball wrote: »

I guess talking to you is going to be a waste of time.

I offered you my opinion, you countered, I asked for an explanation.

That's how normal interaction occurs.

If that is beyond you, you can rest assured it's a waste of your time talking to anyone.

Captain Furball

dresden8 wrote: »

I offered you my opinion, you countered, I asked for an explanation.

That's how normal interaction occurs.

If that is beyond you, you can rest assured it's a waste of your time talking to anyone.

Let's see so.

This thread is called money as debt.
My contribution to this thread is the following.

Captain Furball wrote:

I seen that video when it first came out and it opened my eyes to the parasitic financial system we live under.If you read up a little on history you will know Hitler wanted to break free from that banking system.But war was declared on him by the bankers.
Again I highly recommend that video.

Your contribution to the thread is.

dresden8 wrote:

I think you'll find that he invaded Poland.

After taking Austria and Czechoslovakia of course.

DUH?

dresden8

Okaaaaaaaaaaaaaaaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyy.

"War was declared on him by the bankers".

Who?
When?
How?

Martyr

andrew wrote:

"A commodity such as gold only has value once labour has dug it from the ground, and labour has moved it to the surface."

Erm...no. That's untrue. A lump of gold someone were to find on a riverbank is just as valuable as a lump of gold mined from 1000m down. Gold is valuable because people value gold.

Gold is used for many things, take electronics for example..it has many properties, that's why it's valuable.

PeteHeat

Hi,

While the information in the videos is good it is only a part of the picture, if the banks could "create money" that easy without anything except fancy acounting practices we would not reach stages like the one we are in now.

The banks today and in Hitler's day embarked on Usuary, today they used off shoots like sub prime lending to generate hard cash, how many people have asked their local bank for a loan only to be referred to one of the off shoots like Bank of xyz finance or leasing department ?

When the day of reckoning arrives (like now) the banks must be able to come up with cash to continue trading, the paper they were exchanging (Bonds etc) come due and if they don't have the cash the bigger bank / lender either takes them over over leaves them to go bankrupt.

In a way their own system can actually work against them if they are not prudent in their lending practices.

.

andrew

Martyr wrote: »

Gold is used for many things, take electronics for example..it has many properties, that's why it's valuable.

Exactly; thats what I meant when I said 'gold is valuable because people value gold.'

the_syco

dresden8 wrote: »

"War was declared on him by the bankers".

I'm guessing from the complete lack of information that by bankers he means jews?

ei.sdraob

simplistic wrote: »

When you say partially correct, what parts are incorrect?

Specifically are the latter parts about the bankers having the backing from the courts to commit fraud true?

Im not economist but the video ignores or doesnt mention a few things, Basel rules for banking where they have to keep a % reserve (10%?) and the current Credit Crunch throws a spanner in that video

I dont like the solutions, one smells of communism and state control, the other involves electronics and networks/databases as someone involved in IT services thats a bad idea security wise and you will end up with a monopoly in no time (think PayPal for online payments nowadays)

Im also saddened to see a few comments above glorifying Hitler, raising conspiracies, and bringing in anti-semitism, please people no need to post all that Zeitgeist **** here

andrew wrote: »

I stopped reading that link when I read

"A commodity such as gold only has value once labour has dug it from the ground, and labour has moved it to the surface."

Erm...no. That's untrue. A lump of gold someone were to find on a riverbank is just as valuable as a lump of gold mined from 1000m down. Gold is valuable because people value gold.

oh i didnt say CE is correct, but i found the article (and the whole blog btw) and the comments quite interesting, its not a completely foolproof solution, but CE identifies the issues in current system and proposes a theoretical solution that doesn't involve gold but is transparent and accountable, its all theoretical anyways

and you missed the point of that sentence, the value in something is usually the added work done, digging for gold, baking bread, growing corn; these are some activities which product tanginble benefits and wealth, compared to dodgee derivatives and stock market trading or other complicated financial instruments that added no wealth and only destroyed it in last few years

/